The restructuring of the coal industry may be further accelerated. According to the news from the National Energy Administration, all localities have been urged to formulate a plan for the planning and preparation of “accelerating the merger and reorganization of coal mining enterprises†and report it at the latest in the first half of this year. From the perspective of the existing coal industry restructuring model, some large coal companies are expected to benefit from it, and some of the listed companies with asset injection expectations are worthy of attention. After Shanxi and Henan, Shandong, Shaanxi, Guizhou, Inner Mongolia and other major coal producing provinces are also kicking off the merger and reorganization of coal enterprises and resource integration. Taking Inner Mongolia as a coal-producing province as an example, according to its determined coal industry restructuring plan, by the end of 2013, the minimum production scale of coal production enterprises in the region must reach 1.2 million tons (conditional areas can be increased to 3 million tons). Coal production enterprises with a capacity of less than 1.2 million tons have all withdrawn from the market. The above restructuring plan also requires that by 2013, the local coal enterprises in the district will be reduced from the existing 353 households to 80-100 households. In terms of scale, local enterprises will form 1-2 billion tons, 5-6. Large coal enterprises with a capacity of 50 million tons and 15-16 million tons, of which 20 households will have an operating income of more than 10 billion yuan. It is understood that from the current progress, the various cities will be able to report the implementation plan before the end of June, and some enterprises have formed cooperation intentions. Among them, Ordos (20.64, 0.00, 0.00%) will have formed five annual sales revenues of over 10 billion yuan (Yitai Group, Huineng Coal and Electricity Company, Ehong Group, Yidong Coal Group, Yili) On the basis of the resource group, this year, five billion-dollar enterprises will be cultivated through mergers and acquisitions. By the end of this year, the city will have 10 coal enterprises with annual sales revenue exceeding 10 billion yuan. In addition to Inner Mongolia, Shandong's coal enterprise restructuring has already achieved conclusive results. Based on six coal companies, the province has established Shandong Energy Group, which has formed a new pattern dominated by Shandong Energy Group and Yankuang Group. Judging from the reorganization plan announced by various places, it basically refers to the restructuring model of Shanxi and Henan, which means that some large coal enterprises will be the most direct beneficiaries. With the gradual development of the restructuring, its production capacity will be greatly improved. Among the existing coal-listed companies, listed companies in other regions except Henan, Shanxi, Shandong and other places that have already completed restructuring are worthy of attention, especially for listed companies with assets injected into expectations. However, for the restructuring of coal enterprises, due to the complex interests involved, despite the strong policy impetus, there are still great uncertainties in the process of restructuring, especially in the process of reorganization. The three most realistic problems are the determination of M&A price, the source of M&A funds, and the management of M&A enterprises. Taking Henan, which has already started the restructuring of the coal industry last year, as an example, according to the reorganization principle of “one main development of one mining area†issued by the province, the small coal mining sub-districts will be merged and reorganized one by one, from Henan Coal Chemical Industry Group, Zhongping Nenghua Group and other six coal giants in Henan Province are integrating. However, in actual operation, it is found that due to the large number of small coal mining enterprises in some mining areas, and the complex mines, the technical transformation and upgrading is difficult, which increases the difficulty of operation as a merger party and the difficulty of subsequent management. Judging from the current merger and reorganization plans issued by various provinces, similar "one mining area developed by one main body" operation concept is adopted, which means that similar problems will be faced in the implementation of its subsequent reorganization plan. How to solve the above problems will affect the smooth implementation and progress of mergers and acquisitions.
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